IDFC First Bank’s MD & CEO, V. Vaidyanathan, Gifts 7 Lakh Shares Worth Rs 5.4 Crore to Non-Relatives

On March 21, IDFC First Bank announced that V. Vaidyanathan, the Managing Director & CEO, has generously gifted 7,00,000 equity shares of IDFC First Bank Limited, held by him, to individuals not related to him.

The beneficiaries of the 7,00,000 gifted equity shares, along with the purpose and share allocation, are as follows:

• Sameer Mhatre, who assisted with a house purchase, received 50,000 shares.
• Mayank Mrinal Ghosh received 75,000 shares for the financial security of a colleague’s kin who has passed away.
• Sampath Kumar, displaying compassion, assisted a senior citizen who had previously supported him in life and received 250,000 shares.
• A Kanojia, contributing to house purchase assistance, was gifted 275,000 shares.
• Lastly, Manoj Sahay, a friend, received support with a gift of 50,000 shares.

Earlier, in February 2022, V. Vaidyanathan had gifted 9,00,000 shares of the bank, worth over Rs 3.95 crore, to five individuals, including his trainer, house helpers, and driver, to aid them in purchasing homes. These recipients were also unrelated to the top officials of the private sector bank.

Calculated at Thursday’s closing price of Rs 77.90 apiece on BSE, the value of the 7,00,000 shares gifted by Vaidyanathan comes out to be Rs 5,45,30,000.

In the notice provided by IDFC First Bank MD and CEO V Vaidyanathan, it was stated, “There are no direct or indirect benefits derived by V. Vaidyanathan from these transactions.”

About IDFC First Bank MD and CEO, V Vaidyanathan

Vaidyanathan (born 2 January 1968) is an Indian banker who serves as the Managing Director and Chief Executive Officer (CEO) of IDFC First Bank, formed by the merger of IDFC Bank and Capital First. He previously held the position of CEO of ICICI Prudential Life Insurance and served on the Board of Governors of ICICI Bank before assuming his current role.

After a decade at ICICI, Vaidyanathan led the transformation of a listed non-bank financial firm into Capital First, which subsequently merged with IDFC Bank to create IDFC First Bank in 2018.

In 2022, he was honoured with the Ernst and Young Entrepreneur of the Year Award.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.